Foundation, landlord reach agreement in theater bankruptcy

News

CHAMPAIGN, Ill. (WCIA) — Months after an abrupt closure and subsequent bankruptcy filing, the Art Film Foundation and property owner David Kraft have come to an agreement about unpaid rent.

David Kraft is the owner of the property at 126 West Church Street. Since the announcement of the Art Theater’s closure, Kraft and the board of the Art Film Foundation have been, at times, at odds, with Kraft saying he found out about the decision after it had already been made.

Kraft also alleged in early November that some assets were missing from the theater, including bottles of alcohol.

Earlier this month, a federal judge ruled that Kraft will get to keep some of those assets.

Among the things Kraft will receive per a court agreement: rights to the Art Theater name, marquee, ticket desk, 248 theater seats and other infrastructure-related items.

Kraft will also be allowed to keep a $4,000 deposit from the Art Film Foundation.

When reached for comment Monday, Kraft said he’d filed a claim for $60,000 from the Foundation, adding that “the (amount of ) unpaid rent had grown to $20,0000 by the date of the agreement.”

“I would gladly accept $60,000 for the assets I received under the agreement,” Kraft said, adding that he didn’t necessarily think what he’d received was fair, but that the agreement fit the terms of the lease with the Art Film Foundation.

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